Branch, a finance app yesterday announced the close of $170m Series C financing led by Foundation Capital and Visa.
The company in a statement said: “Joining this round of investment are existing investors, Andreessen Horowitz, Trinity Ventures, Formation 8, the International Finance Corporation (IFC), CreditEase, and Victory Park as well as new investors, Greenspring, Foxhaven, and B Capital.
“I’ve known the Branch team since right after the company was founded,” said Charles Moldow of Foundation Capital, who will be joining the Branch Board of Directors.
“After tracking them for years, it has become clear to me that emerging markets are one of the biggest growth areas for fintech. Our history of successful fintech investments is evidence that we know how to spot true innovators, like Branch. The team has executed incredibly well and is poised to become the cross-border financial super-app.”
Meanwhile, Branch has announced a new global partnership and investment from Visa.
The two companies share a vision of bringing financial access to billions of people still unreached by banks.
“We started Branch in Kenya, where M-Pesa gives anyone with a phone — including the unbanked — access to digital credit. Unfortunately, mobile money isn’t available in most countries. With the help of Visa, now we can send cash to any ATM and reach the underserved around the planet,” says Matthew Flannery, CEO and co-founder of Branch.
“At Visa we believe financial empowerment is an essential passport out of poverty,” said Bill Sheedy, Executive Vice President of Strategy at Visa. “Our partnership with Branch provides Visa a key distribution mechanism to reach people that were previously out of reach and help shape the future of microfinance.”